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1. WIMMO 10 september 2001 08:44

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2. [verwijderd] 10 september 2001 14:24

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   Beste Wimmo, --- LONDEN/BEVERWIJK (AFX-NL) - Corus Group PLC half year to June 30 2001 Sales - 4.04 bln stg vs 4.84 bln Pretax loss - 230 mln stg vs loss 27,000 Loss before interest - 178,000 stg vs profit 24,000 Net loss - 193,000 stg vs loss 28,000 Operating loss - 200 mln stg vs profit 25,000 Loss per share - 6.25 pence vs LPS 2.34 <bron: www.iex.nl/nieuws/nieuws_artikel.asp?... --- LONDEN/BEVERWIJK (AFX-NL) - Corus Group PLC, the Anglo-Dutch steel group, reported a six-month operating loss of 200 mln stg as the company was hit by the global economic downturn as well as oversupply and weak steel prices. "Global economic growth has slowed considerably in 2001. Against this background, the market for carbon steel was dominated by the adverse impact of over-supply in the face of the progressive weakening of demand," said chairman Sir Brian Moffat. "This was evident through the half year in the UK, US and Asia-Pacific and during the second quarter in mainland Europe," he added. Moffat warned any significant price recovery was unlikely until next year. "Reductions in output by various steel producers through the Summer period should lead to a better supply/demand balance and provide a basis for some price improvement, although any significant price recovery is not likely to take place until 2002," said Moffat. The group operating loss of 200 mln stg reflected further significant losses in carbon steel of 239 mln stg and an operating profit of 36 mln in aluminium. The group operating loss translated into a loss before interest of 178 mln. Group turnover for the half year amounted to 4.04 bln stg, down from 4.84 bln. Excluding Avesta Sheffield, turnover of 3.96 bln stg was down 2 pct. Global foreign exchange markets were dominated by the strength of the dollar. During the half year sterling weakened by 6 pct against the dollar, but strengthened by 4 pct against the Euro. "Sterling, therefore, remains significantly overvalued against the euro and continues to offer no relief for UK companies competing in international markets," said the company. Broker forecasts for the group were wide ranging and distorted by restructuring provisions and foreign exchange fluctuations. Deutsche Bank was looking for a half-time pretax deficit of 293 mln stg, while on an EBIT basis a loss of 240 mln stg. There are no real meaningful comparisons because of the merger last year with Dutch steelmaker Koninklijke Hoogovens. The last full results from the combined group were for the extended 15 month period to Dec 2000. These revealed operating losses of 1.132 bln stg, which included restructuring and related provisions of 1.033 bln stg. Analysts currently look for a reduction in the full year 2001 operating loss to around 350-400 mln stg. The current moves by the Bush Administration to curb steel imports have also turned sentiment against the company and with imports from Russia and Japan still flooding the market the pricing environment looks weak. Together with the continuing strength of sterling against the euro, this may force Corus to embark on another round of job cuts. Last year, it axed over 6,000 workers in a effort to streamline production and last week warned its Dutch operations at Ijmuiden of plans to reduce the workforce by between 1,200-1,500 over the next few years. <bron: www.iex.nl/nieuws/nieuws_artikel.asp?... --- Met vriendelijke groet, Koos Burema